https://www.taxtmi.com/caselaws?id=66433 Penalty for failure to pay full self-assessment tax was held unjustified where the unpaid tax was linked to a refund due to a partnership firm in which the assessee held a share. The assessee's share of that refund substantially covered the tax liability, so the non-remittance was treated as a technical default causing no loss of interest to the revenue and no intent to withhold lawful dues. Applying the principle that penalty should not be imposed merely because it is legally possible, the breach was treated as venial and the penalty under section 140A(3) was cancelled. en-us Mon, 14 Nov 1983 00:00:00 +0530 Thu, 24 Feb 2011 16:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66433 Penalty for failure to pay full self-assessment tax was held unjustified where the unpaid tax was linked to a refund due to a partnership firm in which the assessee held a share. The assessee's share of that refund substantially covered the tax liability, so the non-remittance was treated as a technical default causing no loss of interest to the revenue and no intent to withhold lawful dues. Applying the principle that penalty should not be imposed merely because it is legally possible, the breach was treated as venial and the penalty under section 140A(3) was cancelled. Case-Laws Income Tax Mon, 14 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66433